Warren Buffett Finds Another Under-the-Radar Replacement for Himself

By Avi Salzman

Warren Buffett clearly cannot be replaced by one mortal. Either a half-man, half-God would have to be born from the hip or collarbone of Zeus, or Buffett will be relying on multiple managers to watch over his portfolio. So far, it looks like he’s choosing the latter.

Today, Buffett announced that Berkshire Hathaway (BRKB) has tapped Virginia hedge fund manager Ted Weschler to help Todd Coons run the portfolio. Coons and Weschler will get their feet wet now, possibly joined by a third manager, and then when the 81-year-old Oracle of Omaha decides to step down, the multiple managers will get a chance at driving the bus by themselves. (Of course, how hard is it to say “Let’s hold Coca-Cola stock for a few decades and watch it go up”?)

Weschler has spent more than $5 million the past two years to win a lunch date with Buffett, according to Fortune.

“These two investment managers will each have responsibility for a segment of Berkshire’s present equity holdings. Warren Buffett, Berkshire’s Chairman, will continue, however, to manage most of the funds until his retirement,” the company said in a statement.

“After Mr. Buffett no longer serves as CEO, Todd and Ted – possibly aided by one additional manager – will have responsibility for the entire equity and debt portfolio of Berkshire, subject to overall direction by the then-CEO and Board of Directors. With Todd and Ted on board, Berkshire is well-positioned for successor investment management at the time Mr. Buffett is no longer CEO.”

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